Sec. 103. Structure and organization
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/bill/117/s/2662/is/section-103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There shall be within the Corporation— a Board of Directors; a Chief Executive Officer, as described in subsection (d); a Deputy Chief Executive Officer, as described in subsection (e); a Chief Risk Officer, as described in subsection (f); a Chief Development Officer, as described in subsection (g); a Chief Technology and Data Officer, as described in subsection (h); and such other officers as the Board may determine. Every power of the Corporation shall vest in and be exercised by or under the authority of the Board.
The Board— shall perform the functions required to be carried out by the Board under this Act; may prescribe, amend, and repeal bylaws, rules, regulations, policies, and procedures governing the manner in which the business of the Corporation may be conducted and in which the powers granted to the Corporation by law may be exercised; and shall develop, in consultation with stakeholders and other interested parties, a publicly available policy with respect to consultations, hearings, and other forms of engagement of the Board in order to provide for meaningful public participation in the activities of the Board.
The Board shall consist of— the Chief Executive Officer of the Corporation; the officers described in subparagraph (B); and 4 other individuals, who shall be appointed by the President, by and with the advice and consent of the Senate. The officers described in this subparagraph are the following: The Secretary of the Treasury or a designee of the Secretary. The Administrator of the Small Business Administration or a designee of the Administrator. The Secretary of Commerce or a designee of the Secretary.
The Secretary of Defense or a designee of the Secretary. The Chair of the Board of Governors of the Federal Reserve System or a designee of the Chair. A designee under clause
(i)shall— be selected from among officers— appointed by the President, by and with the advice and consent of the Senate; and with duties relating to the programs of the Corporation; and serve on the Board at the pleasure of the President. A member of the Board described in subparagraph (A)(iii)— may not be an officer or employee of the Federal Government; shall have relevant experience to carry out the purpose of the Corporation, which may include experience relating to the private sector, the environment, labor organizations, or economic development; shall be appointed for a term of 8 years and may be reappointed for 1 additional term; shall serve until the successor of the member is appointed and confirmed; shall be compensated at a rate equivalent to the rate under level IV of the Executive Schedule under section 5315 of title 5, United States Code, when engaged in the business of the Corporation; and may be paid per diem in lieu of subsistence at the applicable rate under the Federal Travel Regulation under subtitle F of title 41, Code of Federal Regulations, or any successor regulations, from time to time, while away from the home or usual place of business of the member. Notwithstanding subparagraph (C)(iii), in appointing the initial members of the Board described in subparagraph (C), the President shall stagger the terms of the members so that, during any 2-year period, the term of not more than 1 member ends. The Secretary of the Treasury, or the designee of the Secretary under paragraph (2)(B)(i)(I), shall serve as the Chairperson of the Board. The Administrator of the Small Business Administration, or the designee of the Administrator under paragraph (2)(B)(i)(II), shall serve as the Vice Chairperson of the Board. 5 members of the Board shall constitute a quorum for the transaction of business by the Board. The members of the Board shall affirm support for the mission and objectives of the Corporation. The Board shall hold not less than 2 public hearings annually in order to afford an opportunity for any person to present views with respect to whether— the Corporation is carrying out its activities in accordance with this Act; and any support provided by the Corporation under title II should be suspended, expanded, or extended. There shall be within the Corporation a Chief Executive Officer, who shall— be appointed by the President, by and with the advice and consent of the Senate; and serve at the pleasure of the President. The Chief Executive Officer shall— be responsible for the management of the Corporation; and exercise the powers and discharge the duties of the Corporation subject to the bylaws, rules, regulations, and procedures established by the Board. The Chief Executive Officer shall report to, and be under the direct authority of, the Board. Section 5313 of title 5, United States Code, is amended by adding at the end the following: Chief Executive Officer, Industrial Finance Corporation of the United States. . There shall be within the Corporation a Deputy Chief Executive Officer, who shall— be appointed by the President, by and with the advice and consent of the Senate; and serve at the pleasure of the President. Subject to the approval of the Board, the Chief Executive Officer of the Corporation shall appoint a Chief Risk Officer, from among individuals with experience at a senior level in financial risk management, who shall— report directly to the Board; and be removable only by a majority vote of the Board. The Chief Risk Officer, in coordination with the audit committee of the Board established under section 401(a), shall develop, implement, and manage a comprehensive process for identifying, assessing, monitoring, and limiting risks to the Corporation, including the overall portfolio diversification of the Corporation. Subject to the approval of the Board, the Chief Executive Officer shall appoint a Chief Development Officer, who shall— report directly to the Board; and be removable only by a majority vote of the Board. The Chief Development Officer shall— in coordination with the Chief Technology and Data Officer, develop, track, and report metrics to assess the impact of the activities of the Corporation with respect to the policies described in section 102(c); convene potential investment partners who can provide additional private investments into projects and companies supported by the Corporation; coordinate the development policies and implementation efforts of the Corporation with— the Export-Import Bank of the United States; the United States International Domestic Finance Corporation; the Department of Commerce; the Small Business Administration; the Manufacturing USA Institutes described in section 34(d) of the National Institute of Standards and Technology Act ( 15 U.S.C. 278s(d) ); the manufacturing extension centers established under section 25(b) of the National Institute of Standards and Technology Act ( 15 U.S.C. 278k(b) ); the Office of Science and Technology Policy; and other relevant Federal agencies; authorize and coordinate transfers of funds or other resources to and from the Federal agencies described in subparagraph
(C)or Federal missions upon the concurrence of those agencies or missions in support of the projects of the Corporation; and serve as an ex officio member of the Advisory Council established under subsection
(j)and participate in, or send a representative to, each meeting of that Council. Subject to the approval of the Board, the Chief Executive Officer shall appoint a Chief Technology and Data Officer, who shall— report directly to the Board; and be removable only by a majority vote of the Board. The Chief Technology and Data Officer shall ensure that the Corporation— collects proper data from each project; and develops and implements proper data analytics within the Corporation to ensure that the Corporation can analyze the data collected under subparagraph
(A)to— in coordination with the Chief Development Officer, measure the impact of the activities of the Corporation on the policies described in section 102(c); inform future activities of the Corporation; and provide publicly available reporting on the activities of the Corporation, including the impacts described in clause (i). Except as otherwise provided in this section, each officer, employee, and agent of the Corporation shall be— selected and appointed by the Corporation; and vested with such powers and duties as the Corporation may determine. Of the officers, employees, and agents appointed by the Corporation under paragraph (1), not more than 250 may be appointed, compensated, or removed without regard to the provisions of title 5, United States Code. Under such regulations as the President may prescribe, an officer, employee, or agent appointed to a position under subparagraph
(A)may be entitled, upon removal from such position (unless the removal was for cause), to— if the officer, employee, or agent occupied a position in the Federal Government on the day before the date on which the officer, employee, or agent was appointed to the Corporation under subparagraph (A), reinstatement to that position; or appointment to a position of comparable grade and salary. The officers, employees, and agents described in subparagraph
(A)shall be in addition to officers, employees, and agents otherwise authorized by law, including in positions authorized under section 5108 of title 5, United States Code. The Corporation may set and adjust rates of basic pay for officers, employees, and agents appointed under subparagraph
(A)without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, United States Code, relating to classification of positions and General Schedule pay rates, respectively. An individual who is a member of the Board or an officer or employee of the Corporation may not be liable under this Act with respect to any claim arising out of or resulting from any act or omission by the individual within the scope of the employment of the individual in connection with any transaction by the Corporation. Subparagraph
(A)shall not be construed to limit the personal liability of an individual for— criminal acts or omissions; willful or malicious misconduct; acts or omissions for the private gain of the individual or family members of the individual; or any other acts or omissions outside the scope of the employment of the individual. The Corporation shall establish and publish procedures for avoiding conflicts of interest on the part of officers and employees of the Corporation and members of the Advisory Council established under subsection (j). Nothing in this paragraph shall be construed— to affect— any other immunities and protections that may be available to an individual described in subparagraph
(A)under applicable law with respect to a transaction described in that subparagraph; or any other right or remedy against the Corporation, against the United States under applicable law, or against any person other than an individual described in subparagraph
(A)participating in such a transaction; or to limit or alter in any way the immunities that are available under applicable law for Federal officers and employees not described in this paragraph. There is established within the Corporation an Advisory Council to advise the Board on development objectives of the Corporation referred to in this subsection as the Advisory Council . The Advisory Council shall consist of not more than 9 members appointed by the Board, on the recommendation of the Chief Executive Officer and the Chief Development Officer of the Corporation, from among individuals who are broadly representative of— nongovernmental organizations; think tanks; advocacy organizations; foundations; and other institutions engaged in manufacturing and workforce development. The Board shall call upon members of the Advisory Council, either collectively or individually, to advise the Board with respect to— the extent to which the Corporation is meeting the mandate of the Corporation; and any suggestions for improvements with respect to meeting that mandate, including project development and implementation challenges and opportunities. Section 14 of the Federal Advisory Committee Act (5 U.S.C. App.) shall not apply to the Advisory Council.
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